LIC Jeevan Kishore Plan is an Endowment Assurance Plan for a child such that Sum Assured plus Bonus would be paid for the child’ s benefit on the term’ s maturity. The proposer can further secure his child’ s future by opting for Premium Waiver Benefit rider, such that if he dies before the policy matures, then the future premiums would be waived. There are additional rider benefits like Premium Waiver Benefit. Once the child attains majority, the policy gets transferred to his name and then he can also opt for Accidental Death Benefit rider by paying additional premium.
Death Benefit – In case of death of the child, i.e. the Life Insured before the risk commencement then the nominee would get only the basic premiums paid till date. In case of death of the child, i.e. the Life Insured after the risk commencement then the nominee would get Sum Assured + accrued Bonus till date.
In case the proposer dies before the policy matures, the Insurer pays the premium if the Premium Waiver Benefit rider has been opted for.
Maturity Benefit – On maturity, the life insured gets the Sum Assured plus Bonus.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Sum Assured (in Rs.)
Policy Term (in years)
Premium Payment Term (in years)
Equal to Policy Term
Entry Age of Policyholder (in years)
Age at Maturity (in years)
Single Premium (in Rs.)
Single, Yearly, Half-Yearly and Quarterly
Age = 1, 5 and 10 years
Policy Term = 30 years
Premium Paying Term = Regular Pay
Sum Assured = Rs 1,00,000
Riders – There are 2 additional riders available in this policy
1. Premium Waiver Benefit- that can be opted by the proposer
2. Accidental Death Benefit- that can be obtained by the life insured once he is at least 18 years.
You stop paying the premium – The policy will lapse if the premium stops. However, it can be revived within a specific period.
You want to surrender the policy – The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value, if policy is surrendered before the date of commencement of risk is 90 % of premiums paid excluding premium for the first year. If policy is surrendered after the date of commencement of risk, the guaranteed surrender value is 30 % of premiums paid after commencement of risk together with 90 % of premiums paid before the commencement of risk. Premiums for the first year and the premiums for Premium Waiver Benefit, if any, will be excluded.
You want a loan against your policy – Loan is available after the policy is vested to the Life Insured, i.e. after he attains 18 years of age.
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